We all wish if we had a genie or a pot upon which rubbing it the genie comes out and gives us as much money as we want. While that can be true only in dreams, we do wish there was some way to get loans sanctioned especially when you have a bad credit isn’t it? Many might be wondering that, is it possible to get bad credit loans? Yes, it is possible to get a loan, but you need to make certain changes in your life. Here are a few ways through which you can get a loan even with bad credit.
One way of finding a loan or being accepted from a bank is if you have equity in any property. If you have a house or any other land or building in your name, you can show all the required documents to the bank and give ownership to the bank to the give credit and be able to repay for certain period. Once doing this, be sure that you will not have any rights of selling or any other major changes on the property until you repay the loan amount. But you can find personal loans for bad credit for less interest rate with equity handing over on any other property owned by you. Keep in mind that you may lose your property if unable to repay the debts.
There are certain non-profit organizations which are as similar to banks in functioning but they provide credit facilities to their neighboring areas or to the members of the same industry etc. These unions are present in some of the well-known companies as well. Check out if there are any such organizations near you and apply for loan. Some of these organizations help the people with bad credit depending on the surety of known family person or depending on your work place.P2P or Peer to Peer loan lenders are growing fast in all parts of the world as it is an online platform and investors are more satisfied in returns as well as the borrowers in finding a person lending credit with low interest rates. P2P loans and credits have one of the cheapest interest rate as low as 6.5%. In this method, you can apply for personal loans online and find an investor who is interested in lending credit. These investors will have all rights to make a thorough check on you including your credit limits etc. While having a bad credit as a drawback, still it depends on the individual investor’s mind to agree for your situation of wanting a loan.
There is an old saying ‘A friend in need is a friend indeed’ and it can come true sometimes. When all else fails, try to find someone close to you, a close friend or a relative, who might be willing to lend you some money as a loan. But keep in mind that you should repay the amount within the discussed period of time. Taking money among relationships can cause damage to the relations and our relationships are more important in life than money. Hence, make sure you keep up your word when you ask for credit from family and friends.